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43-1 FEDERAL RESERVE BANK OF CLEVELAND Thirty-Fourth Annual Statement Cleveland 1, Ohio, January 5, 1949 To the Stockholders of the Federal Reserve Bank of Cleveland: There is presented herewith a condensed comparative statement of condition of the Federal Reserve Bank of Cleveland, including its Cincinnati and Pittsburgh branches, at the close of business December 31, 1948, and December 31, 1947, together with a comparison of earnings and expenses for the years 1948 and 1947. President COMPARATIVE STATEMENT OF CONDITION Dec. 31, 1948 Dec. 31, 1947 $1,442 156 161 75 340 105 $1 434 229 675 75 702 064 Other cash 1,517,496,266 22,366,932 1 509 931 739 23 877 613 TOTAL CASH Discounts and advances 1 539 863 198 17,706,500 1 533 809 352 6 790 037 U. S. Government securities: Bills Certificates Notes Bonds 526 077,000 582 657 000 75,790,000 1 052,386,000 1,040,322,000 647 980 000 140,776,000 271,995,000 TOTAL U. S. GOVERNMENT SECURITIES 2 236 910 000 2 101 073 000 TOTAL LOANS AND SECURITIES. . . . 2 254 616 500 2 107 863 037 10 514 500 290 167 176 4 867,126 14 213 471 8 922 000 275 269 967 4 937 527 10 788 765 $4 114 241 971 $3 941 590 648 $2,144,650,175 $2,139,962,405 1,510,026,621 104,468,955 58,484,400 12,347,294 1,386,872,595 79,221,193 30,597,000 12,185,626 1,685,327,270 1,508,876,414 213,207,310 1,085,994 227,328,373 1,383,680 4 044 270 749 3 877 550 872 19,072,750 43,967,550 1,005,665 5,925,257 18,842,800 42,172,710 1,005,665 2,018,601 $4,114,241,971 $3,941,590,648 ASSETS Gold certificates .. Redemption fund — Federal Reserve Notes TOTAL GOLD CERTIFICATE RESEEVES Federal Reserve Notes of other banks Checks and other cash items in process of collection Bank premises Other assets TOTAL ASSETS LIABILITIES Federal Reserve Notes Deposits : Member bank— reserve account U. S. Treasurer— General account Foreign Other deposits . TOTAL DEPOSITS Deferred availability items Other liabilities .. TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts .... TOTAL LIABILITIES AND CAPITAL ACCOUNTS . . Contingent liability on bills purchased for foreign correspondents . $ 306,288 $ 228,812 $ 968,821 $ 1,642,065 Commitments to make industrial loans COMPARISON OF EARNINGS AND EXPENSES For the years 1948 and 1947 Current earnings Current expenses . . .. CTJKRENT NET EARNINGS ADDITIONS To CURRENT NET EARNINGS: Profits on sales of U. S. Government securities (net) All other TOTAL ADDITIONS DEDUCTIONS FROM CURRENT NET EARNINGS Net additions Transferred to reserves for contingencies Paid U. S. Treasury (interest on outstanding F. R. notes) . . . . Net earnings after reserves and payments to U. S. Treasury. . . . Dividends paid Withdrawn from surplus (Section 13b) Transferred to surplus (Section 7) 1948 1947 $29 265 175 6 757 536 $15 189 482 22 507 639 8 911 719 596 016 69 255 338 43 5Q6 085 251! 381 109,899 255,483 6 277 763 486,186 3,906,750 16,153,370 102— — 0— 7,010,673 2,933,705 1,138,865 1,900,944 1,123,392 1,461- __o— $ $ 1,794,840 779,013 NUMBER OF MEMBER BANKS IN OPERATION IN FOURTH DISTRICT, DECEMBER 31, 1948 Kentucky Ohio— Cincinnati territory Ohio— Cleveland territory Pennsylvania West Virginia State National Total 8 26 158 38 5 50 91 150 170 8 58 117 308 208 13 235 469 704 FEDERAL RESERVE BANK OF CLEVELAND DIRECTORS 1949 GBO. C. BRAINARD (Chairman) President and General Manager Addressograph-Multigraph Corporation Cleveland, Ohio A. Z. BAKER (Deputy Chairman) Chairman of the Board, The Cleveland Union Stock Yards Company, Cleveland, Ohio, and President, American Stock Yards Association, Cleveland, Ohio JOHN D. BAINER, Chairman of the Board, President and Trust Officer The Merchants National Bank and Trust Company of Meadville Meadville, Pennsylvania L. H. LUND, Vice Presirlent and Treasurer Westinghouse Electric Corporation Pittsburgh, Pennsylvania JOHN T. ROHR, President The Toledo Trust Company Toledo, Ohio LEO L. RUMMELL, Dean College of Agriculture The Ohio State University Columbus, Ohio Ross PIER WRIGHT, Secretary-Treasurer Reed Manufacturing Company Erie, Pennsylvania JOEL M. BOWLBY, Chairman of the Board The Eagle-Picher Company Cincinnati, Ohio BEN R. CONNER, President The First National Bank of Ada Ada, Ohio OFFICERS RAY M. GIDNEY, President J. B. ANDERSON WM. H. FLETCHER First Vice President C. J. BOLTHOUSE W. D. FULTON Vice President G. H. EMDE JOHN W. KOSSIN Vice President ALFRED H. LANING Vice President and Cashier J. R. LOWE BENEDICT J. LAZAR Vice President JOSEPH M. MILLER G. R. Ross MARTIN MORRISON Vice President WILBUR T. BLAIR DONALD S. THOMPSON Vice President H. M. BOYD ROGER R. CLOUSE Assistant Vice President C. F. EHNINGER H. E. J. SMITH Assistant Vice President L. M. HOSTETLER . . . . PAUL C. STETZELBERGER . . . . Assistant Vice President Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Counsel and Secretary Chief Examiner Auditor Manager, Research Department MEMBER, FEDERAL ADVISORY COUNCIL SIDNEY B. CONGDON, President, The National City Bank of Cleveland, Cleveland, Ohio COUNSEL Squire, Sanders & Dempsey Cleveland, Ohio INDUSTRIAL ADVISORY COMMITTEE HERMAN R. NEPP (Chairman) President ami Treasurer The George S. Rider Company Cleveland, Ohio SAM W. EMERSON, President The Sam W. Emerson Company Cleveland, Ohio C. F. HOOD, President The American Steel and Wire Company of New Jersey Cleveland, Ohio CINCINNATI BRANCH DIRECTORS 1949 PAUL G. BLAZER (Chairman) Chairman of the Board Ashland Oil & Refining Company Ashland, Kentucky WALTER H. J. BEHM, President The Winters National Bank and Trust Company of Dayton Dayton, Ohio ERNEST H. HAHNE, President Miami University Oxford, Ohio JOSEPH B. HALL, President Kroger Company Cincinnati, Ohio WALDO E. PIERSON, President The First National Bank of Cincinnati Cincinnati, Ohio S. HEADLEY SHOUSE Tobacco and livestock raiser Lexington, Kentucky SPEARS TURLEY, Vice President and Trust Officer State Bank and Trust Company of Richmond, Kentucky Richmond. Kentucky H. P. LADDS, President The National Screw and Manufacturing Company Cleveland, Ohio W. WITHINGTON, Director The American Fork & Hoe Company Cleveland, Ohio PITTSBURGH BRANCH DIRECTORS 1949 A. H. BURCHFIELD, JR. (Chairman) President and General Manager Joseph Home Co. Pittsburgh, Pennsylvania LAURENCE S. BELL, Executive Vice President The Union National Bank of Pittsburgh Pittsburgh, Pennsylvania R. E. BOWIE, President Security Trust Company Wheeling, West Virginia HOWARD W. JORDAN, President Pennsylvania Rubber Company Jeannette, Pennsylvania MONTPORT JONES Professor of Finance The University of Pittsburgh Pittsburgh, Pennsylvania JOSIAH M. KOCH, Vice President Quaker State Oil Refining Corporation Oil City, Pennsylvania T. C. SWARTS, Executive Vice President Woodlawn Trust Company Aliquippa, Pennsylvania OFFICERS BENEDICT J. LAZAR HENRY N. OTT PHIL J. GEEHS CLYDE HARRELL RICHARD G. JOHNSON OFFICERS Vice President Cashier Assi.sta,nt Cashier Assistant Cashier Assistant Cashier JOHN W. KOSSIN ARTHUR G. FOSTER HUNTER NOLTE JOHN A. SCHMIDT ROY J. STEINBRINK Vice President Cashier Assistant Cashier Assistant Cashier Assistant Cashier
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